Embodiments of the present invention are directed to a method for storing, in a relational database, data that describes the terms of a contract and the events arising under it that require a party to perform a particular action.
Every contract defines, to a given extent, the rights and obligations of the parties to it. For example, xe2x80x9cSeller agrees to sell 100 widgets to Buyer, and Buyer agrees to buy 100 widgets from Seller.xe2x80x9d Even in this simple contract, both parties have obtained rights and incurred obligations: the seller has obtained a right to collect payment from the buyer, but also incurred an obligation to supply the buyer with widgets; the buyer has obtained similar rights and obligations. Each of these rights and obligations require the parties to perform some action. In this case, it is the physical delivery of widgets by the seller and the tender of payment by the buyer.
As modern commercial arrangements between parties have become more complex, so to have the contracts that govern their relationships. As a result, a typical contract may require various parties to perform a multitude of actions, ranging from delivering a product to inspecting a manufacturing plant to perfecting patent rights. There is therefore a need to 1) identify the actions required by parties to a contract; 2) identify the time and date upon which such actions need to be performed; 3) determine the individuals responsible for performing the action; and 4) notify these individuals and apprise them of the action they must perform. In complex arrangements between parties, this is not a simple task. Complicating this task further is the fact that the arrangement may persist for many years, requiring one to repeat the foregoing steps many times during this period. In addition, an entity may have several contracts, perhaps even several hundreds of them, that require its attention. This can make the process of identifying actions and alerting individuals to perform them a difficult task.
There presently does not exist an effective tool designed specifically for managing the events that arise under a contract. Typical prior art methods merely alert a user that a pre-programmed event is about to occur; that, for example, an appointment will be begin within the next fifteen minutes, or that a report is due by the following day. Such methods are employed by the popular programs Microsoft(copyright) Outlook and Lotus(copyright) Organizer(copyright). In order to generate such alerts, one must program each of them individually. This may be convenient enough when only a few alerts are required, but a burden when many contracts are involved, each requiring many actions to be performed. There therefore exists a need in the art for managing the events that arise during the life a contract, and alerting the appropriate personnel of such events.
It is an object of the present invention to provide a method for storing data that describes the terms of a contract and the events arising under it. It is a further object of the present invention to provide a database that associates the events with individuals designated to perform whatever action is required by the event. Still another object of the present invention is to provide a method that automatically alerts the appropriate individuals when an action needs to be performed, thus helping to ensure compliance with a contract.
Described herein is a novel relational database architecture that is adapted to storing information regarding the terms of a contract, the events arising under it that require one or more individuals to perform an action, and the duties of such individuals in performing that action. In one presently preferred embodiment of the invention, the relational database resides on a computer-readable storage medium as part of a multi-user computer network. By using simple subroutines readily apparent to one skilled in the computer arts, one can automatically generate alerts whenever an action needs to be performed. These alerts are then transmitted to users along the multi-computer network, appearing in an e-mail message that specifies the action, the individuals performing it, and the duties of each of these individuals. In this manner, one can ensure timely execution of the actions required under a contract.
The invention described herein is particularly useful when one needs to manage several contracts or contracts of a complex nature. A further understanding of the nature and advantages of the invention may be realized by reference to the remaining portions of the specification and the attached drawings.